Dated :- 08. 10. 2014                                 NIFTY SPOT : 7842.70

Hi,

Readers,

Nifty moved exactly as was mentioned in my yesterday’s blog. Today Nifty took the support of 7800. Nifty made a low of 7815 today and closed at 7842. See, major supports has the tendency that they normally hold for at least first time. 

Now Nifty movement is expected to be choppy. In coming days, as they say “butterfly in stomach” time is coming.

Thus it is recommended that only high risk traders who can handle the volatility should hold the balance of the short positions with the recommended trailing stop loss of 7945 closing basis. Other traders can book complete profits and step aside.

Support of Nifty is at 7800. If 7800 breaks then 7700 and 7580 are the logical targets. Nifty is also making bearish head & shoulder pattern on hourly charts.

Enjoy the profits and trade accordingly.